Boutique developer snaps up popular Leichhardt antiques warehouse in fierce auction
A boutique developer has snapped up an antique and salvage business in Leichhardt at a bustling auction on the weekend.
The local buyer paid $3.335 million and $335,000 above the price guide for 124 James St, after being up against 10 other bidders on the day.
The result is also the second highest recorded sale price paid for any type of property in Leichhardt this year, according to CoreLogic data.
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Ray White Commercial NSW — Sydney City Fringe principal Kristian Morris and sales associate Lachlan Palm issued 43 contracts on the property before its auction date, after receiving some 175 inquiries.
As previously reported, the property is owned by “Elements I Love” owners Brooke Crowle and Tim McGuigan, who are relocating their business to Byron Bay.
Now in the hands of a developer, the prime 875sqm site is located across the road from Leichhardt North light rail station and has R1 General Residential Zoning with existing commercial use rights.
The property offers plenty of potential with the zoning permitting the construction of a house, but also the ability to build apartments, multi-dwelling housing, semi-detached dwellings and shop top housing up to 14m high if granted council approval.
It is currently surrounded by three different street fronts and a number of freestanding houses. Mr Morris said the owners are very happy with the result after paying only $500,000 for the site in 1998.
“It’s a great result, considering it was on the market with another agent for nine months. It’s also a testament to the auction strategy supported by a well executed marketing campaign and editorial support,” he said.
The current building features a big warehouse, showroom and home office. The second level has old floorboards, exposed metal roof trusses and original iron windows where the northern light floods in, which Mr Palm said would make a great open-plan living space should someone wish to keep the building.
There’s also a third-storey mezzanine level, accessed by a funky open staircase with windows offering wide district views.”
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